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Jean-Paul Luksic, Chairman of Antofagasta plc, commented: 2011 was a solid year for the Group, in terms of both production and profitability, mainly reflecting the impact of the start-up of Esperanza. Copper production of 640,500 tonnes increased by 22.9% and gold production of 196,800 tonnes more than fivefold compared with 2010, and EBITDA was 32.1% higher than the previous year at US$3,660.5 million. The ramp-up of Esperanza was the key milestone for the Group in 2011, contributing 90,100 tonnes in its first year of production. Nevertheless, as we have reported, production was lower than originally anticipated as a result of which Group production was below the original forecast of 715,000 tonnes of copper and 324,000 ounces of gold. We have made significant progress during 2011 in addressing the challenges we have faced at Esperanza during the ramp-up, with remaining remedial measures relating to the performance and reliability of the plant under review. We are forecasting further production growth for 2012, with expected production of approximately 700,000 tonnes of copper, 280,000 ounces of gold and 11,000 tonnes of molybdenum. The increase in the copper and gold production reflects the first full-year of operation at Esperanza following the completion of the main ramp-up activities. We have continued with our consistent and significant capital returns to our shareholders, with total dividends in respect of 2011 amounting to US$433.8 million, which represents an overall payout ratio of 35% of net earnings. We have also made excellent progress with our growth projects during 2011 - with the approval of the Antucoya project, and significant advances in respect of our core areas of the Centinela Mining District and Los Pelambres in Chile, and the Twin Metals project in the United States. As previously announced, Marcelo Awad stepped down as chief executive officer of Antofagasta Minerals S.A. on 7 March 2012. Until a successor is appointed, the Board has requested that I assume his responsibilities on an interim basis. Marcelo had been Chief Executive Officer of Antofagasta Minerals since 2004, and during that time he oversaw the significant growth of the Group's mining operations and development of its projects. I would like to thank him for his leadership of Antofagasta Minerals - his commitment and contribution to the Group over the years has been widely appreciated and we wish him every success in the future. Our strategy remains unchanged and we will continue to pursue profitable growth, supported by our strong financial position and low-cost and profitable operations.
http://www.investegate.co.uk/Article.aspx?id=201203130700212093Z
Heading the corporate announcements on Tuesday is Copper miner Antofagasta (ANTO), one of the FTSE 100’s most volatile plays. In the last major update at the beginning of Feb, the group revealed that FY production targets had been beaten with output up nearly a quarter. Ironically, the share price has actually topped out from the 1,400p level at the time of the raised full year profits guidance. Bulls of the stock will be hoping for a fresh squeeze higher for Antofagasta shares in the run up to and after the finals.
FoxDavies maintained its "sell" recommendation for Antofagasta (ANTO), with a 1,121p target price. The Chile focused copper miner announced the resignation of its chief executive of Antofagasta Minerals, Marcelo Awad, and the broker noted that no reason was given. However, FoxDavies pointed out that the decision came just one week before the firm is scheduled to announce its full year results for 2011. Could this be the harbinger of a poor performance from the firm?
hope citigroup are suitably embarrassed....why do we pay them any attention ? because there are the experts .........right?
Citigroup downgrades Antofagasta from neutral to sell.
Deutsche Bank downgrades Antofagasta from buy to hold
REVENUE CONT Gold production volumes were 125,000 ounces and sales volumes were 106,400 ounces (nine months ended 30 September 2010 - production volumes of 25,800 ounces and sales volumes of 25,800 ounces) reflecting the increased production as a result of the start-up of Esperanza. Gold sales volumes for the nine months ended 30 September 2011 were lower than production volumes due to the shipment difficulties caused by the adverse weather conditions outlined above. Molybdenum production volumes were 7,300 tonnes and sales volumes were 7,200 tonnes (nine months ended 30 September 2010 - production volumes were 6,700 tonnes and sales volumes were 6,300 tonnes), reflecting the higher plant throughput at Los Pelambres. The transport division's sales were US$132.7 million in the period, a 17.2% improvement compared with the same period in 2010. An increase in tariffs as a result of indexation due to higher oil prices and the impact of the stronger Chilean peso were the key factors in this increase. The water division's sales were US$84.8 million, a 26.4% increase compared with the same period in 2010 as a result of increased volumes, increased tariffs and the impact of the stronger Chilean peso. Further details of production and sales volumes and realised prices by mining operation are given in Note 2, and an analysis of revenue by business segment is given in Note 3. Further details of the operating performance of each mine and the rail and water division are also given in the Group's third quarter production report released on 2 November 2011.
Revenue Group revenue in the nine months ended 30 September 2011 was US$4,172.9 million compared with US$3,168.9 million in the same period in 2010. This increase mainly reflected the impact of higher realised copper prices and copper volumes compared with the same period of 2010, as well as higher volumes of gold sales. London Metal Exchange ("LME") copper prices averaged 419.8 cents per pound during the period compared with 325.2 cents per pound in the nine months ended 30 September 2010. However the copper price weakened in the third quarter of 2011, resulting in negative mark-to-market adjustments of provisional sales at the period end. The net impact of settlement and mark-to-market adjustments relating to the provisional pricing of copper sales in the nine months ended 30 September 2011 was a negative adjustment of US$390.3 million. Revenue also included a net loss of US$15.3 million on commodity derivatives, principally at Michilla, which matured during the period. As a result the average realised copper price for the nine months ended 30 September 2011 was 378.0 cents per pound (nine months ended 30 September 2010 - 329.9 cents per pound). Market molybdenum prices averaged US$16.2 per pound in the nine month period, an increase from the average price of US$15.7 per pound in the nine months ended 30 September 2010. The realised molybdenum price of US$15.7 per pound for the period was marginally lower than the average market price as a result of a decrease in the price over the period and the resulting settlement and mark-to-market adjustments relating to the provisional pricing of molybdenum sales. Market gold prices averaged US$1,534.4 per ounce in the nine month period, an increase from the average price of US$1,178.1 per ounce in the nine months ended 30 September 2010. The realised gold price of US$1,602.5 for the nine month period was marginally above the market price for the period. The volume of copper produced in the nine months ended 30 September 2011 was 453,500 tonnes, a 15.2% increase on the 393,600 tonnes produced in the nine months ended 30 September 2010, reflecting the production from Esperanza. Severe adverse weather conditions affecting Chile's coastline resulted in delays in programmed shipments at both Los Pelambres and Esperanza. As a result, copper sales volumes for the nine months ended 30 September 2011 were lower than production volumes at 433,100 tonnes, an 11.5% increase on the 388,400 tonnes sold in the nine months ended 30 September 2010. Gold production volumes were 125,000 ounces and sales volumes were 106,400 ounces (nine months ended 30 September 2010 - production volumes of 25,800 ounces and sales volumes of 25,800 ounces) reflecting the increased production as a result of the start-up of Esperanza. Gold sales volumes for the nine months ended 30 September 2011 were lower than production volumes due to the shipment difficulties caused by the adverse weather conditions outlined a
http://www.investegate.co.uk/Article.aspx?id=201111241000046636S
The way the markets are behaving, it matters not a jot what analysts or brokers say. Just follow the herd. Moreover, if any of these so called experts put their money where their mouth is, I may be prepared to listen to what the blackguards have to say;
Antofagasta from sell to hold, the target price cut from 1,230p to 1,010p.
It is time to stop selling copper miner Antofagasta (LON:ANTO) according to Citi’s Anindya Mohinta. “We upgrade ANTO to ‘hold’ from ‘sell’ to reflect the sell-off in the shares,” the analyst said. “ANTO’s performance has been mixed this year (down 40.5 per cent in year to date) – it has underperformed Rio Tinto (down 33.8 per cent in ytd), First Quantum Minerals (down 31 per cent ytd) and outperformed KAZ (down 48 per cent ytd).” The Citi analyst added: “We think Esperanza represents the group’s last major project in the near term. While there is a strong possibility that the board may approve the $1.35 billon Antucoya project, the lack of by products could delay approval in our view if copper prices continue to weaken.”
people the price of copper is down because the dollar is up - not lower demand and on that note i think i will top up!
..at 937, not 100% confident that this will last, anyone out there? seems a quiet board for a ftse 100
I bought in today for a small bounce as 25% in a week is mad. Currently up 5.9%
It, and the rest of the mines, will bounce, hen the hoarders of copper and the banks say so - that is, when they can get maximum profits by going long on copper after cashing in all their shorts.
25% lost in a week.. due a bounce but when?
I shall have a small short on this. ATB
But not so sure, maybe have a punt at 4.25pm for a low open tomorrow. ATB
poor reward for some great results..oh well do your worst shorters i pick these up next week when there cheaper
Antofagasta Doubles Divi As Profits Rise August 23 2011 - Chilean miner Antofagasta reported sharp rise in first-half net profits following higher average commodity prices and volumes. The company said in a statement that net profits rose 54% to $696.2m compared with the first six months of 2010, while the declared interim dividend rose to $0.08 a share from $0.04 a share in the same period a year ago. Chief Executive Marcelo Awad said in the statement:“Recent events have shown the volatility of commodity prices, and the industry is also continuing to see relatively strong cost pressures. However, I believe that Antofagasta, with its low average net cost position, is well placed to deal with these challenges. While markets are likely to remain volatile, especially in the near-term, we remain confident that copper fundamentals will remain supportive of a strong pricing environment.” The miner re-iterated its forecast to produce 620,000 to 640,000 tons of copper and 200,000 to 215,000 troy ounces of gold this year, up from 521,000 tons and 35,100 ounces respectively in 2010. The increase in gold production is largely due to the ramp up of its Esperanza mine, which should reach full production by year-end, despite some delays. The company also said it has substantially completed its feasibility study for the Antucoya project in northern Chile. The project will produce 80,000 tons of copper cathode annually over a mine life of more than 20 years, beginning 2014 and at a cost of $1.35 billion. Antofagasta's shares rose by as much as 3.3% during morning trading but pared gains and were up 0.41% to 1217p at 1316BST
http://www.investegate.co.uk/Article.aspx?id=201108230700138298M
After Div, is it worth waiting for Cmax Rally and price back to 1600/1700? Or a big drop on the way? Anyone?